CNX Resources (NYSE:CNX) Reaches New 52-Week Low - Here's What Happened

Key Points

• CNX Resources shares fell to a new 52-week low of $31.44, below the previous close of $31.70, and were last trading near $31.53.
• Analyst sentiment remains cautious: the consensus rating is “Reduce”, with eight Hold ratings and three Sell ratings and an average price target of $35.88.
• Although quarterly EPS of $1.32 beat estimates of $0.60 and revenue reached $618.48 million, revenue declined 35.7% year over year; institutional investors own 95.16% of the company.

CNX Resources Corporation. (NYSE:CNX - Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $31.44 and last traded at $31.5310, with a volume of 415 shares traded. The stock had previously closed at $31.70.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CNX. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a research report on Wednesday, July 15th. Morgan Stanley dropped their price target on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a report on Monday, June 29th. Finally, Weiss Ratings cut CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Eight analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $35.88.

CNX Resources Stock Down 1.0%

The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $4.64 billion, a P/E ratio of 5.25 and a beta of 0.61. The stock's 50-day moving average price is $35.27 and its two-hundred day moving average price is $35.94.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, beating the consensus estimate of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The business had revenue of $618.48 million for the quarter, compared to the consensus estimate of $475.16 million. During the same quarter in the prior year, the business earned $2.43 earnings per share. CNX Resources's revenue for the quarter was down 35.7% on a year-over-year basis. As a group, research analysts expect that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CNX. Caitlin John LLC purchased a new stake in CNX Resources during the second quarter valued at about $33,000. Integrated Wealth Concepts LLC purchased a new position in shares of CNX Resources in the second quarter worth about $61,000. IFP Advisors Inc increased its stake in shares of CNX Resources by 604.0% in the second quarter. IFP Advisors Inc now owns 2,619 shares of the oil and gas producer's stock worth $89,000 after purchasing an additional 2,247 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of CNX Resources in the second quarter valued at approximately $93,000. Finally, Transamerica Financial Advisors LLC bought a new stake in shares of CNX Resources in the second quarter valued at approximately $94,000. Institutional investors own 95.16% of the company's stock.

CNX Resources Company Profile

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX's activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.

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